Company Quick10K Filing
Heron Therapeutics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 80 $1,466
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-04 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-07 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-05 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-26 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-03-28 Annual: 2010-12-31
10-Q 2010-11-15 Quarter: 2010-09-30
10-Q 2010-08-16 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-15 Annual: 2009-12-31
8-K 2020-01-13 Earnings, Regulation FD, Exhibits
8-K 2019-12-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-12-16 Regulation FD, Exhibits
8-K 2019-12-03 Other Events, Exhibits
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-10-28 Other Events, Exhibits
8-K 2019-10-22 Other Events, Exhibits
8-K 2019-10-03 Enter Agreement, Exhibits
8-K 2019-10-02 Other Events, Regulation FD, Exhibits
8-K 2019-10-01 Exhibits
8-K 2019-10-01 Exhibits
8-K 2019-10-01 Other Events, Exhibits
8-K 2019-08-20 Regulation FD, Exhibits
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-07-15 Other Events
8-K 2019-06-18 Shareholder Vote
8-K 2019-05-21 Regulation FD, Exhibits
8-K 2019-05-14 Regulation FD, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-04-01 Other Events, Exhibits
8-K 2019-03-11 Other Events, Exhibits
8-K 2019-02-26 Other Events, Exhibits
8-K 2019-02-22 Earnings, Exhibits
8-K 2019-02-07 Amend Bylaw, Exhibits
8-K 2019-02-02 Officers
8-K 2019-01-07 Earnings, Regulation FD, Exhibits
8-K 2019-01-03 Other Events, Exhibits
8-K 2018-12-31 Other Events, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-25 Enter Agreement, Exhibits
8-K 2018-06-21 Regulation FD, Exhibits
8-K 2018-06-18 Shareholder Vote
8-K 2018-05-10 Earnings, Exhibits
8-K 2018-03-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-19 Regulation FD, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-01-08 Earnings, Regulation FD, Exhibits
HRTX 2019-09-30
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 hrtx-ex311_8.htm
EX-31.2 hrtx-ex312_9.htm
EX-32.1 hrtx-ex321_7.htm

Heron Therapeutics Earnings 2019-09-30

HRTX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PBH 1,609 3,461 2,359 954 549 -36 93 3,373 58% 36.3 -1%
RDHL 1,521 62 11 0 0 0 0 1,513 0%
CBM 1,517 1,516 839 575 199 54 119 1,952 35% 16.4 4%
MDGL 1,516 470 13 0 0 -55 -55 1,444 -26.4 -12%
APLS 1,490 317 158 0 0 -194 -194 1,201 -6.2 -61%
HRTX 1,466 412 106 117 69 -201 -199 1,190 59% -6.0 -49%
ANAB 1,454 480 32 10 0 -79 -77 1,307 0% -16.9 -16%
ATNX 1,421 322 155 87 24 -141 -136 1,299 28% -9.6 -44%
ESPR 1,393 309 179 146 0 60 60 1,117 0% 18.5 20%
CORT 1,368 329 31 268 263 78 96 1,310 98% 13.7 24%

hrtx-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

 

Commission file number:  001-33221

 

HERON THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of

incorporation or organization)

94-2875566

(I.R.S. Employer

Identification No.)

 

 

4242 Campus Point Court, Suite 200

San Diego, CA

92121

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (858) 251-4400

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

HRTX

 

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No   

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

 

The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding as of October 30, 2019 was 90,051,462.

 

 

 


HERON THERAPEUTICS, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2019

TABLE OF CONTENTS

 

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Condensed Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

7

 

 

 

 

 

ITEM 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

18

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

29

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

29

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

30

 

 

 

 

 

ITEM 1A.

 

Risk Factors

 

30

 

 

 

 

 

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

 

 

 

ITEM 3.

 

Defaults upon Senior Securities

 

54

 

 

 

 

 

ITEM 4.

 

Mine Safety Disclosures

 

54

 

 

 

 

 

ITEM 5.

 

Other Information

 

54

 

 

 

 

 

ITEM 6.

 

Exhibits

 

55

 

 

 

 

 

 

 

SIGNATURES

 

56

 

1


PART I.

FINANCIAL INFORMATION

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HERON THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

 

 

(unaudited)

 

 

(see Note 2)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

60,108

 

 

$

31,836

 

Short-term investments

 

 

196,170

 

 

 

300,535

 

Accounts receivable, net

 

 

66,955

 

 

 

64,652

 

Inventory

 

 

24,172

 

 

 

39,032

 

Prepaid expenses and other current assets

 

 

16,742

 

 

 

11,193

 

Total current assets

 

 

364,147

 

 

 

447,248

 

Property and equipment, net

 

 

16,315

 

 

 

14,677

 

Right-of-use lease assets

 

 

12,246

 

 

 

 

Other assets

 

 

254

 

 

 

254

 

Total assets

 

$

392,962

 

 

$

462,179

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,627

 

 

$

16,863

 

Accrued clinical and manufacturing liabilities

 

 

26,073

 

 

 

24,470

 

Accrued payroll and employee liabilities

 

 

10,134

 

 

 

13,397

 

Other accrued liabilities

 

 

51,828

 

 

 

32,715

 

Current lease liabilities

 

 

1,721

 

 

 

 

Convertible notes payable to related parties, net of discount

 

 

5,354

 

 

 

4,574

 

Total current liabilities

 

 

96,737

 

 

 

92,019

 

Non-current lease liabilities

 

 

10,783

 

 

 

 

Total liabilities

 

 

107,520

 

 

 

92,019

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

800

 

 

 

782

 

Additional paid-in capital

 

 

1,392,089

 

 

 

1,330,186

 

Accumulated other comprehensive income (loss)

 

 

103

 

 

 

(87

)

Accumulated deficit

 

 

(1,107,550

)

 

 

(960,721

)

Total stockholders’ equity

 

 

285,442

 

 

 

370,160

 

Total liabilities and stockholders’ equity

 

$

392,962

 

 

$

462,179

 

 

See accompanying notes.

2


HERON THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

 

$

42,624

 

 

$

19,786

 

 

$

110,885

 

 

$

48,630

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sales

 

 

17,195

 

 

 

7,576

 

 

 

45,745

 

 

 

15,940

 

Research and development

 

 

34,708

 

 

 

30,421

 

 

 

119,105

 

 

 

100,141

 

General and administrative

 

 

8,597

 

 

 

7,288

 

 

 

28,023

 

 

 

20,525

 

Sales and marketing

 

 

16,977

 

 

 

16,281

 

 

 

69,344

 

 

 

44,647

 

Total operating expenses

 

 

77,477

 

 

 

61,566

 

 

 

262,217

 

 

 

181,253

 

Loss from operations

 

 

(34,853

)

 

 

(41,780

)

 

 

(151,332

)

 

 

(132,623

)

Other income, net

 

 

1,258

 

 

 

3,434

 

 

 

4,503

 

 

 

3,342

 

Net loss

 

 

(33,595

)

 

 

(38,346

)

 

 

(146,829

)

 

 

(129,281

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on short-term investments

 

 

(45

)

 

 

(17

)

 

 

190

 

 

 

(32

)

Comprehensive loss

 

$

(33,640

)

 

$

(38,363

)

 

$

(146,639

)

 

$

(129,313

)

Basic and diluted net loss per share

 

$

(0.42

)

 

$

(0.49

)

 

$

(1.85

)

 

$

(1.81

)

Shares used in computing basic and diluted net loss per share

 

 

79,940

 

 

 

77,811

 

 

 

79,308

 

 

 

71,544

 

 

See accompanying notes.

3


HERON THERAPEUTICS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)

 

 

 

Common Stock

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Paid-In

Capital

 

 

Comprehensive

(Loss) Income

 

 

Accumulated

Deficit

 

 

Stockholders’

Equity

 

Balance as of December 31, 2018

 

 

78,174

 

 

$

782

 

 

$

1,330,186

 

 

$

(87

)

 

$

(960,721

)

 

$

370,160

 

Conversion benefit included in Convertible Notes

   issued

 

 

 

 

 

 

 

 

102

 

 

 

 

 

 

 

 

 

102

 

Issuance of common stock on exercise of stock

   options

 

 

732

 

 

 

7

 

 

 

6,532

 

 

 

 

 

 

 

 

 

6,539

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

17,902

 

 

 

 

 

 

 

 

 

17,902

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(63,012

)

 

 

(63,012

)

Net unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(62,889

)

Balance as of March 31, 2019

 

 

78,906

 

 

 

789

 

 

 

1,354,722

 

 

 

36

 

 

 

(1,023,733

)

 

 

331,814

 

Conversion benefit included in Convertible Notes

   issued

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

103

 

Issuance of common stock on exercise of stock

   options

 

 

810

 

 

 

8

 

 

 

9,668

 

 

 

 

 

 

 

 

 

9,676

 

Issuance of common stock on under the employee

   stock purchase plan

 

 

63

 

 

 

1

 

 

 

1,169

 

 

 

 

 

 

 

 

 

1,170

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,706

 

 

 

 

 

 

 

 

 

12,706

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,222

)

 

 

(50,222

)

Net unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

112

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,110

)

Balance as of June 30, 2019

 

 

79,779

 

 

 

798

 

 

 

1,378,368

 

 

 

148

 

 

 

(1,073,955

)

 

 

305,359

 

Issuance of common stock in public offerings, net

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

 

 

 

(110

)

Conversion benefit included in Convertible Notes

   issued

 

 

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

 

105

 

Issuance of common stock on exercise of stock

   options

 

 

251

 

 

 

2

 

 

 

4,022

 

 

 

 

 

 

 

 

 

4,024

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

9,704

 

 

 

 

 

 

 

 

 

9,704

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,595

)

 

 

(33,595

)

Net unrealized loss on short-term investments

 

 

 

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

(45

)

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,640

)

Balance as of September 30, 2019

 

 

80,030

 

 

 

800

 

 

 

1,392,089

 

 

 

103

 

 

 

(1,107,550

)

 

 

285,442

 

 

 

See accompanying notes.

4


 

 

 

Common Stock

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Paid-In

Capital

 

 

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Stockholders’

Equity

 

Balance as of December 31, 2017

 

 

64,609

 

 

$

646

 

 

$

913,955

 

 

$

(10

)

 

$

(783,455

)

 

$

131,136

 

Cumulative effect of adoption of new accounting

   standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,573

 

 

 

1,573

 

Issuance of common stock in public offerings, net

 

 

 

 

 

 

 

 

(205

)

 

 

 

 

 

 

 

 

(205

)

Conversion benefit included in Convertible Notes

   issued

 

 

 

 

 

 

 

 

96

 

 

 

 

 

 

 

 

 

96

 

Issuance of common stock on exercise of stock

   options

 

 

435

 

 

 

4

 

 

 

4,198

 

 

 

 

 

 

 

 

 

4,202

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,701

 

 

 

 

 

 

 

 

 

7,701

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52,265

)

 

 

(52,265

)

Net unrealized loss on short-term investments

 

 

 

 

 

 

 

 

 

 

 

(32

)

 

 

 

 

 

(32

)

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52,297

)

Balance as of March 31, 2018

 

 

65,044

 

 

 

650

 

 

 

925,745

 

 

 

(42

)

 

 

(834,147

)

 

 

92,206

 

Cumulative effect of adoption of new accounting

   standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Issuance of common stock in public offerings, net

 

 

11,963

 

 

 

120

 

 

 

363,212

 

 

 

 

 

 

 

 

 

363,332

 

Conversion benefit included in Convertible Notes

   issued

 

 

 

 

 

 

 

 

97

 

 

 

 

 

 

 

 

 

97

 

Issuance of common stock on exercise of stock

   options

 

 

504

 

 

 

5

 

 

 

6,434

 

 

 

 

 

 

 

 

 

6,439

 

Issuance of common stock under the Employee Stock

   Purchase Plan

 

 

49

 

 

 

 

 

 

648

 

 

 

 

 

 

 

 

 

648

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,821

 

 

 

 

 

 

 

 

 

7,821

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,670

)

 

 

(38,670

)

Net unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

17

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(